United Kingdom > London > Finance > Debt capital markets
Index of tables
Debt capital markets
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Leading individuals
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- David Bickerton Clifford Chance
- Scott Cameron Reed Smith
- John Connolly Clifford Chance
- Anna Delgado Ashurst LLP
- David Dunnigan Clifford Chance
- Peter Epp Herbert Smith LLP
- Francis Fitzherbert-Brockholes White & Case LLP
- Matthew Hartley Allen & Overy LLP
- Richard Levy Linklaters LLP
- Stuart Matty White & Case LLP
- Jonathan Melton Allen & Overy LLP
- Stephen Miller Allen & Overy LLP
- Steven Revell Freshfields Bruckhaus Deringer LLP
- Mark Trapnell Freshfields Bruckhaus Deringer LLP
- Boyan Wells Allen & Overy LLP
- Carson Welsh Linklaters LLP
Recognised as ‘one of the market leaders’ Allen & Overy LLP has ‘unrivalled partner coverage’. Jonathan Melton (‘invariably excellent and extremely commercial’) and US-qualified Adam Kupitz excel in liability management, as does Roger Wedderburn-Day in equity-linked deals. ‘Top dog for corporate trust matters’ Simon Hill is ‘analytical and clear minded’, and Boyan Wells ‘is super pragmatic; his knowledge is unsurpassed’. Matthew Hartley advised Barclays on Porterbrook Rail Finance’s bond. Stephen Miller advises financial institutions including Bank of Ireland and Credit Suisse. Philip Smith heads the emerging markets team, which recently advised lead managers on Akbank’s landmark $1bn bond. Jonathan Mellor advises banks and issuers on convertible bonds.
‘At the leading edge of the market’ and with a diverse and truly international practice, Clifford Chance’s team includes David Bickerton, John Connolly and global practice head David Dunnigan, who are among the foremost names in debt deals. Dunnigan led on the European Financial Stability Fund’s €27bn debt programme; and Bickerton advised Angel Trains on a £4bn multi-currency programme. The firm also handled a $568m issue in Ukraine; represented lead managers in Network Rail’s $1.5bn issue; and advised Goldman Sachs on AerCap’s $150m bond. Stewart Dunlop excels in liability management, and Bruce Kahl is ‘a welcome election to the partnership’. Citibank and BNP Paribas are among many investment bank clients.
‘Hands-on partner attention’ is a key feature of the service provided by the ‘first-class and friendly’ team at Linklaters LLP. The ‘exceptional’ Carson Welsh advised lead managers on Rabobank’s $2bn bond; Jane Brown (‘tenacious but user friendly’) represented banks on Scottish and Southern Energy’s £1.2bn hybrid offering; and the ‘incisive’ Richard Levy handled the £15.9bn RBS liability management deal. Clients are also quick to recommend the ‘knowing and intelligent’ Ben Dulieu, for investment grade deals and liability management; Francis Kucera for emerging markets deals; Cecil Quillen (‘a pillar of the firm’s dominance in Russia’); Elaine Keats; convertible bonds expert Keith Thomson; and the ‘deft and thoughtful’ Jasper Evans for trustee work.
‘Standout US firm’ Cleary Gottlieb Steen & Hamilton LLP brought David Gottlieb over from New York to boost the US law practice of Sebastian Sperber, Daniel Braverman and liability management expert Pierre-Marie Boury. Gottlieb advised on the Russian Federation’s $5.5bn bond, its first international capital markets issue since 1998. Simon Ovenden acted as underwriter counsel in the Republic of Nigeria’s $500m inaugural Eurobond, and also as counsel to the first emerging market issuer outside China to issue renminbi-denominated bonds. Raj Panasar advised Volkswagen on its $1.75bn issue.
‘Highly responsive, with the depth to cover all areas’, Freshfields Bruckhaus Deringer LLP can draw on the expertise of key figures such as Steven Revell; the ‘meticulous and thoughtful’ Mark Trapnell; US-qualified Sarah Murphy; and Christopher Barratt, who is ‘highly capable and committed’. Its recent highlights include advising Scottish and Southern Energy on hybrid securities, and Central Bank of Bahrain on a $1.25bn bond. It recruited Peter Allen, who is ‘commercially focused and experienced, especially in emerging markets’, from Linklaters LLP; and the ‘proactive, responsive and client-friendly’ Duncan Kellaway from Clifford Chance.
White & Case LLP is ‘the go-to firm for investment banks in emerging markets work’, and climbs in the ranking this year. Recent sovereign deals include Nigeria’s $500m bond and Albania’s €300m debut issue. Stuart Matty, who advised banks on Ukreximbank’s £300m notes issue, and US lawyer Michael Doran, who joined from Gide Loyrette Nouel LLP, ‘invest time in client relationships’; Francis Fitzherbert-Brockholes (‘the man in Kazakhstan’) defined the model for restructuring Kazakh banks; Andrew Weiler ‘finds pragmatic solutions’ for US private placements; and trustee expert Kevin Ng is ‘extremely knowledgeable’.
Anna Delgado’s team at Ashurst LLP handles structured programmes for the likes of JP Morgan, and recent issuer work includes National Express’ £1bn EMTN programme. ‘Team player and deal junkie’ Stephen Edlmann joined from Linklaters LLP, boosting a versatile team that includes James Coiley, Chris Georgiou and corporate trust expert Gordon Stewart. The partners ‘like rolling up their sleeves and doing deals’.
Herbert Smith LLP’s partners ‘bring a refreshing professionalism to deals, and are always willing to go beyond their job description’. Peter Epp is ‘vastly experienced, especially in emerging markets’, with ‘great negotiating skills’; he recently advised Alfa Bank on its $1bn offering, the largest bond issue by a privately owned Russian bank. Other recent issuer work for the team includes TUI Travel’s £450m convertible bond. Underwriter clients include Goldman Sachs and UBS. Dina Albagli, Jake Jackaman and US-qualified Steve Thierbach feature in an ‘efficient and responsive, friendly and supportive’ team.
Simmons & Simmons has well-respected partners such as the ‘no-nonsense’ Jonathan Hammond; Charles Hawes, who advised JP Morgan Chase as arranger on a $65bn EMTN programme; David Roylance, who is experienced in hybrid bonds; and Ian Sideris, who recently represented Dong Energy on a €700m issue. ‘For high-end complexity deals, the practice is good value for money, and has excellent industry knowledge.’
Skadden, Arps, Slate, Meagher & Flom (UK) LLP is a force in emerging markets debt. Bruce Buck manages a busy Russian and CEE practice; James Healy’s recent sovereign deals include Egypt’s $1.5bn offering; and Richard Ely advised Deutsche Bank and others on Italy’s $2bn issue. Alongside these ‘business-minded lawyers, and excellent advisers’, Danny Tricot, Richard Muglia and Pranav Trivedi are ‘highly intelligent and commercially savvy, and never sleep’.
With ‘a more personal touch than some Magic Circle firms’, Slaughter and May is active for issuers such as Ladbrokes and 3i Group, and also advises financial institutions including Deutsche Bank. Its finance partners are known for the breadth of their practices; those active in debt include Marc Hutchinson, who is ‘an absolute star, a bulldog’; and Sanjev Warna-Kula-Suriya and Andrew McClean, who have ‘great knowledge, very up to speed’.
Christopher Hogan, Simon Porter and Roy Pearce at Baker & McKenzie LLP are ‘affable and very good at explaining complex technical information’. Emerging markets deals included Metinvest’s $1bn debut EMTN programme, and the team also represented Banco Santander on its $10bn ECP programme. Adam Farlow, who is ‘very hands-on, and knows his US law’, joined from Allen & Overy LLP.
CMS Cameron McKenna LLP has a buoyant corporate issuance practice. It also advises banks, such as Crédit Agricole as arranger on two Hungarian issues, and has a growing niche in infrastructure bonds. US-qualified Daniel Winterfeldt joined from Simmons & Simmons, boosting a team that includes outstanding partners Jason Hardingand Will Dibble, and consultant Roy Griggs.
‘Responses are virtually in real time, and business acumen is vast’ at Dewey & LeBoeuf LLP. Joseph Ferraro, Camille Abousleiman and Louise Roman Bernstein are all ‘good people, they deal with issues immediately’, and deliver ‘highly effective, clear advice’. The firm advised Russia’s VEB on a $30bn LPN programme, and Eskom on its $1.75bn offering.
Hogan Lovells International LLP’s team, under Sharon Lewis and David Hudd, is ‘very efficient’. With a strong corporate issuer MTN practice, it recently advised SABMiller on amendments to its $300m notes. Kit Johnson has an outstanding trustee practice.
In some areas Mayer Brown International LLP is ‘on a par with Magic Circle firms; partners are accessible, advice is commercial and value for money is excellent’. ‘Seasoned hand’ Drew Salvest ‘knows his subject inside out’; Paul de Bernier ‘excels in tough negotiations’; and John Taylor is ‘an excellent practitioner with a soft touch’. Recent deals include JSC Kazkommertsbank’s $2bn debt programme.
Tak Matsuda, trustee expert Farmida Bi and infrastructure bond specialist Kate Alliott excel in Norton Rose LLP’s team, which focuses heavily on equity-linked deals and Islamic finance. Clients include the government of Ras Al Khaimah, and BMW.
At SNR Denton, Matthew Sapte, David Cohen and James Curtis are ‘incredibly client focused, and provide genuine partner-led transactions’. Primarily focused on issuers, especially in emerging markets, the firm has also recently advised a number of lead managers on sukuk. Highlights included a structured note programme for First Rand Bank, and sovereign issues in Qatar.
Mei Lian, Richard Price, Clifford Atkins and Jacques McChesney stand out at Shearman & Sterling LLP, which advises financial institutions such as RBS and HSBC on deals into the US, and complex hybrid securities.
Sidley Austin LLP’s Stephen Roith, formerly of Clifford Chance, provides a ‘quality service on challenging transactions; his technical knowledge is excellent’. Also recommended are Mark Wiltshire; David Howe, who is ‘courteous, robust and clear’; Mark Walsh; and Dorothee Fischer-Appelt, who joined from Gibson, Dunn & Crutcher LLP.
Arnold & Porter (UK) LLP’s Jeremy Willcocks and Whitney Debevoise advise issuers and investors on sovereign debt matters, including large deals in the CIS and Africa.
At Berwin Leighton Paisner LLP, Tamara Box is ‘an excellent trustee lawyer’, and Tom Church and Marc Palley also stand out. Recent work includes a £1.9bn note issue for Thames Water. Mark Daley has retired.
Gibson, Dunn & Crutcher LLP has a team of versatile partners including Selina Sagayam and Gregory Campbell, providing ‘business-minded, commercial advice’ on debt as part of complex deals such as the Almatis Group restructuring.
Latham & Watkins LLP recently handled the first direct-issuance dollar-denominated debt offering in the US by an Italian issuer, and African Bank’s inaugural MTN programme, and is ‘unassailable in the Middle East’. Lene Malthasen, Jeff Lawlis and Michael Immordino are recommended.
The arrival of the ‘tenacious and intelligent’ Peter Schwartz at Milbank, Tweed, Hadley & McCloy LLP from Weil, Gotshal & Manges has brought some major deals, James Warbey is also recommended. The firm advised Goldman Sachs on bond financing for Ceske Radiokomunikace.
Brian Bates at Morrison & Foerster (UK) LLP heads the ‘best and biggest’ cross-border private placement practice, advising investment grade issuers including Informa Group.
Reed Smith is new to the ranking this year. ‘Top-rated capital markets lawyer’ Scott Cameron joined from Gide Loyrette Nouel LLP, and the team has ‘great breadth and depth of resources’. Dinosaur Securities is a regular client.
Sullivan & Cromwell LLP joins the ranking in recognition of Vanessa Blackmore and William Plapinger’s work on deals such as BG Energy’s $1bn issue and their longstanding role as counsel to Goldman Sachs.
Akin Gump Strauss Hauer & Feld’s Robert Aulsebrook and Fred Heller count Lukoil Finance among their issuer clients. The ‘professional and hardworking’ Alexander Lemke advises Alfa Bank.
Bingham McCutchen (London) LLP’s Barry Russell advises institutional investors in private placements. Sarah Smith’s arrival from Sidley Austin LLP ‘adds a huge dimension’ to the practice.
Gonzalo Fernandez’s trustee practice at Field Fisher Waterhouse LLP advises Bank of New York Mellon. The firm has a growing practice handling arranger work for smaller banks.
Greenberg Traurig Maher LLP’s team, under Tim Jeveons, advises on private deals, and draws on ‘vast experience in emerging markets and in Europe; they have the grey hair and have done the hard yards’.
K&L Gates’ ‘response times are second to none’. Stephen Moller, ‘shining star’ Andrew Petersen and Trevor Beadle have an active debt restructuring practice.
Simpson Thacher & Bartlett LLP’s Nicholas Shaw advised the lead underwriters on Virgin Media’s $1bn secured notes issue.
Weil, Gotshal & Manges’ ‘supportive and involved’ James Cole and David Meredith advised CEZ on its €500m issue.